TPS is a management philosophy and set of practices that aim to maximize efficiency and eliminate waste in the production process. It is built on two main pillars: Just-In-Time (JIT) and Jidoka. JIT ensures that each process produces only what is needed by the next process, in the required amount, and at the right time. Jidoka refers to automation with a human touch, allowing machines to detect anomalies and halt production to prevent defects.